Woolworths reports 16% jump in profits as ACCC prepares legal action over ‘illusory’ discounts

Earnings report released on Wednesday shows supermarket made $859m net profit in past six months as higher prices hit shoppersFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastWoolworths has reported a significant 16.4% rise in profit, helped by expanding its margins in its key supermarket business.In its half-year earnings report released on Wednesday, Woolworths recorded an increase in underlying net profit to $859m over the six months to 4 January, up from $739m in the prior corresponding period. Continue reading…